It is no secret that time is money and vice versa. So how does one calculate the ratio in which time wasted doing trivial tasks is actually costing money? It sounds complicated but is actually simple. If you are spending more than you would like doing the books, or if you are prone to make a mistake that can cost you big, it is time to consider expert bookkeeping services. But if you are unsure of what they are and if they are for you, read on to see if you fit these descriptions.
1. Small Business Bookkeeping Services
No matter how small your business is, acquiring expert bookkeeping services can be vital to its existence. Keeping the books balanced helps keep both your bank and whatever state you live in happy. And we won’t bother to mention the IRS at this time.
Some of the bookkeeping services a small business needs on a regular basis includes:
- Summary statements of your finances on a weekly, monthly, quarterly, and/or yearly basis.
- Payroll services to help manage and maintain an accurate wage and salary system for both full and part time employees, as well as independent contractors.
- Bank reconciliation to ensure your bank accounts are being tallied correctly, are never overdrawn, and no surprise expenses have been incurred.
- Preparation and planning for quarterly and/or yearly taxes.
- Creation and implementation of a budget and financial strategy.
- To ensure compliance with state tax and business laws.
2. Mid-Sized Business Bookkeeping Services
Starting when you get to be at about 50 employees, you may be considered a mid-sized business and have a far greater need for bookkeeping services. In addition to all of the above, there are far more other rules and regulations to follow.
Another sad reality of mid-sized businesses is that if 50 people work for you, not necessarily all of them can be trusted. A good bookkeeping service can not only save you from honest mistakes, it can keep you from losing funds due to dishonesty. In our experience, we have seen all kinds of scams and schemes by employees in an attempt to cheat honest business owners.
3. Sole Proprietorship
Are you a business of one employee? You may think that bookkeeping services are not for you. But stop and think for a bit. Let’s say the hour or two you spend a week on the books are spent looking for new business, new clients, etc. If only half of these attempts leads to new business, would it pay for the bookkeeping services? Then they are worth it, because not only can these leads pay off in ongoing business, they can lead to good word of mouth and even more business.
4. Individual and Family Bookkeeping Services
You work hard all day and may or may not trust yourself or your spouse to maintain the books. However, if they are not experienced or would just rather not deal with the hassle, bookkeeping services can be for you. They can help you know your ingoing and outgoing income, provide you with an accurate picture of your financial future, and even help avoid the all too common issue of couples arguing about money.
Need Bookkeeping Services in Houston?
B&J has served hundreds of small businesses and sole proprietorships across the city of Houston for years. We work with our clients remotely and in person by utilizing the latest tools and know how. For more, contact us.